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10/26/2005
MILA, INC. LAUNCHES FIRST IN SERIES OF UPGRADES TO ACCESSPOINT
Mountlake Terrace lender only one in nation to guarantee loans in seconds
MOUNTLAKE TERRACE, Wash. – November 7, 2005 – Imagine this scenario. You wake up with the crazy notion to buy a house. You check out a nearby Open House where you find the home of your dreams and a realtor/broker on-site ready to answer your questions. Within seconds you have a firm guaranteed commitment from a lender. By lunch you are signing papers with escrow.
Sound like a fantasy? At MILA, it should be happening by February 2006.
Already the Mountlake Terrace-based mortgage lender can fund a loan in less than four hours. With the upgrades that are launching November 7 to its proprietary online loan management tool, AccessPoint, MILA is one step closer to fulfilling a fully integrated and shareable platform for brokers, realtors and borrowers.
“When we first launched this technology in 2002,” explained Layne Sapp, founder and CEO, “we could never have imagined the impact it would make not only to the company but to the broker community and the industry at-large.”
Since its introduction, MILA has grown exponentially with a three-year growth of 803 percent and volume expected to exceed $5 billion this year.
This from a company that was started with $5,000 and the vision of an 21-year old kid who was already buying houses at 18.
“Every lender will tell you that they can deliver competitive rates and great service,” Sapp continued, “but how many can close your loan over lunch?”
Just recently, MILA closed an initiated loan in 2 hours and 37 minutes. And the Northwest lender isn’t the only one reaping the benefits of this remarkable technology. Brokers too are seeing their volume go through the roof when they use MILA.
“My volume has more than doubled since working with MILA,” explained Jim Kreiger, a broker with Golf Savings in Washington state. “MILA is revitalizing the loan industry. They are my star quarterback and first choice for a lender.”
Unlike the online web portals used by other lenders, MILA’s AccessPoint was developed in-house by brokers for brokers. It is more than a business management tool or even an online funding site. It is a total loan management system that takes a broker from loan commitment to the loan funding in real time, with 24x7 access.
The upgrades taking place in early November focus on security and usability. With the addition of committed Administrators who can monitor their own company’s AccessPoint pipeline and some enhancements to the UI, MILA is setting the stage for a February introduction of consumer and realtor interfaces.
“When most people are buying a house they turn to their Realtor for all of their questions, including those associated with their home loan,” explained Sapp. “That can frustrate some brokers and borrowers, but at MILA we’re not ignoring the problem. We’re finding ways to solve it.”
By Spring of 2006 the company will not only be the only lender in the nation to provide real loan commitments in seconds but will also be the first to provide completely shareable platform tailored to three distinctly different audiences so any party can see at any time where the loan stands.
About AccessPoint
MILA’s e-commerce Web portal is the first and only mortgage platform in the industry that provides complete loan information in real-time and automated underwriting that provides a loan commitment – complete with loan specific conditions – in seconds.
Key Features:
- Integrates back office with broker/subscriber interface for real-time information
- Allows for seamless information sharing among all parties
- Internet based for 24/7 access to information and fulfillment
- Direct communications between broker/subscriber and MILA
- Eliminates phone tag between all parties, increasing efficiency and customer satisfaction
- Provides consistent accurate loan options in seconds
- Automatic credit reconciliation
MILA’s technology was created exclusively through a partnership venture with Next Online Mortgage Technologies.
About MILA, Inc.
MILA, Inc. is one of the fastest-growing e-commerce mortgage solution providers in the nation currently serving the wholesale residential market in 26 states with a broad range of alternative mortgage lending products. Financial strength, management stability, and proprietary, cutting-edge technology give MILA the ability to meet the challenges of the ever-changing mortgage lending market and to anticipate market trends. For more information visit www.mila.com.
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